Developer Bart
Blatstein has dropped his bid to buy the Marketplace Design Center in
Philadelphia.
Blatstein’s Tower
Investments put the property under agreement in the spring with hopes of
closing a transaction by the end of the summer. That self-imposed deadline came
and went without a sealed up deal.
Blatstein
declined to comment.
The property was
expected to trade for more than $40 million.
The developer had
envisioned creating a mixed-use complex that would include constructing a large
residential tower on the roof.
The property
consists of two buildings — 2400 Market St., which is about 370,000 square
feet, and 12 S. 23rd St., a six-story, 120,000-square-foot building.
Jones Lang
LaSalle is marketing the property.
Source: Philadelphia
Business Journal
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